PRICE cuts have failed to stimulate sales in luxury residential developments released or due to be released this this week. Henderson Land offered 53 luxury apartments in four residential developments at Mid-Levels yesterday but only three had been sold, sales manager Donald Cheung said. 'Two units of Park Rise and one apartment in Royal Court have been sold.' The company yesterday released the first batch of 12 flats in Park Rise, MacDonnell Road for an average of more than $8,000 a square foot and offered the remaining stock in three other developments - Royal Court, Suncrest Tower and Wilshire Park - at $6,000 to $8,000. Prices represent a drop of up to 20 per cent from peak sales but Henderson still plans to release the first batch of Imperial Court in Conduit Road late in January for about $7,000 per sq ft. Meanwhile, Kerry Group and Nan Fung Development closed the registration for the release of 21 luxury apartments in their joint venture development, Richwood Park, at Tai Po. However, they declined to release the application numbers but property agents did not expect an exciting response.